Workers in Riskier Jobs Save Less Money

Americans in high-risk jobs like construction and mining tend to save less money than other workers despite facing a higher risk of becoming disabled, according to a new analysis from the Federal Reserve Bank of St. Louis.

One possible explanation: “If some people put a relatively higher value on their current welfare, they will save less of their income than those with more interest in future rewards,” wrote economists Amanda Michaud and David Wiczer. “Interestingly, this same difference in preferences might explain why some people take on riskier jobs, in which they trade higher pay today for potentially greater problems later in life.”

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